1. Supply Law of Supply Determinants of Supply Equilibrium Surplus and Shortage Prepared By Ali Siddiqi

2.  The total amount or quantity of a good or product that producers are willing and able to sell at various prices (Schiller)  The total amount of output of goods and services in an economy (Sloman) Prepared By Ali Siddiqi

3.  Different Prices=Different Demand  Different Prices=Different Supply  Law of Demand: As the prices increase….  Law of Supply: As the price of the product or service increases…suppliers will supply more. Prepared By Ali Siddiqi

4.  Supply Schedule is a table showing the different quantities supplied at different prices Prepared By Ali Siddiqi Table 2.2 : The supply of potatoes (monthly) Price (pence per kg) Farmer X’s supply (tonnes) TOTAL market supply (tonnes : 000s) a2050100 b4070200 c60100350 d80120530 e100130700

5.  A graph showing the relationship between the price of goods and the quantity of the good supplied over a period of time  Upward sloping  Positively Slopped Prepared By Ali Siddiqi

6. Price (pence per kg) Quantity (tonnes: 000s) Supply a b c d e P 20 40 60 80 100 Q 100 200 350 530 700 abcdeabcde Market supply of potatoes (monthly)

7.  Capacity and technology  Cost of production  Random Events “Shocks”  Expectations of Future Prices  Prices of Substitutes and Compliments Prepared By Ali Siddiqi

8.  This is the point where supply equals demand.  At this point suppliers are supplying the same amount of products as demanded.  Agreement point Prepared By Ali Siddiqi

9.  On Board Prepared By Ali Siddiqi